Budget 2023-24 Expectation: What senior citizens want from Nirmala Sitharaman

Every individual and sector of a country is hugely impacted by its Budget. The announcement of the Union Budget 2023-24 By Finance Minister Nirmala Sitharaman is scheduled to take place on 1 February. The Parliamentary session of the Budget is expected to begin on 31 January. In order to understand the demands of the economy better, Nirmala Sitharaman has also chaired pre-budget consultations with industry experts. With the presentation just a few days away, people are already anticipating several changes in this year’s Budget. Senior citizens have several expectations from the upcoming Budget amid the rising inflation and increasing expenses of healthcare. Here are some of the things that senior citizens seek from this year’s budget:

• People expect that the government will raise the deduction against medical expenses. At present, senior citizens are able to avail of an annual deduction of up to Rs 50,000 on medical expenses.
• Senior citizens anticipate that the government could increase the basic Income Tax exemption limit to Rs 5 lakh from Rs 3 lakh.
• Those with health insurance can claim tax deductions up to Rs 50,000 on premiums paid under section 80D. Senior citizens hope that this limit is increased to Rs 1 lakh.
• Elderly citizens are entitled to a tax deduction of up to Rs 50,000 on the interest received on bank and Post Office savings fixed deposits (FDs) under section 80TTB. The deduction could be hiked to Rs 1 lakh.
• It is also anticipated that the government could make pensions, or at least the principal amount of it, income tax-free.
• Senior citizens want the Finance Minister to put Outpatient Department treatment (OPD) expenses such as doctor consultation fees, pharmacy bills, and diagnostic tests as eligible for deduction even if they are not covered by insurance policies.
• Some other demands of elderly people from the Union Budget 2023-24 include the rationalisation of the lock-in period of holding specified investments u/s 80C, a new dedicated fixed income instrument, and ease in a tax return and refund process.

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